US horse racing series Luck has been axed by HBO chiefs after a third thoroughbred died during the making of the drama starring Dustin Hoffman and Nick Nolte.

Luck, about the seedier side of racing, will show the final two episodes of its first season now in progress, HBO said. But the series will not return for the second season that began production last month.

"While we maintained the highest safety standards possible, accidents unfortunately happen and it is impossible to guarantee they won't in the future," the channel said.

"Accordingly, we have reached this difficult decision."

The move was made with David Milch, the show's creator, and Michael Mann, his fellow executive producer on the drama that brought Hollywood star Dustin to TV.

It was a high-profile project for the premium channel that stakes its reputation on such fare.

HBO said it was "immensely proud" of the series and those involved in it, and the producers said in a joint statement that they "loved this series, loved the cast, crew and writers".